S.C. Code Ann. § 12-54-250 – Authority of Department of Revenue to require payment with immediately available funds debts of $20,000 or more; interest and penalties

(A) The South Carolina Department of Revenue may require, consistent with the cash management policies of the State Treasurer, that any person owing twenty thousand dollars or more in connection with any return, report, or other document to be filed with the department shall pay the tax liability to the State no later than the date the payment is required by law to be made in funds which are available immediately to the State on the date of payment. Payment in immediately available funds may be made by any means established by the department, with the approval of the State Treasurer, which insures the availability of those funds to the State on the date of payment. Evidence of the payment must be furnished to the department on or before the due date of the tax as provided by law. Failure to make timely payment in immediately available funds or failure to provide evidence of payment in a timely manner subjects the taxpayer to penalties and interest as provided by law for delinquent or deficient tax payments.
(B) The department by rule may prescribe alternative periodic filing and payment dates later than the dates otherwise provided by law for any taxes collected by the department in those instances where it is considered to be in the best interest of the State. An alternative date may not be later than the last day of the month in which the tax was otherwise due.
(C) The department may prescribe rules and the State Treasurer banking procedures necessary for the administration of the provisions of this section.
(D) The department may prescribe alternative means other than paper to file returns and reporting documents necessary for the administration of this section.
(E) Payment by immediately available funds and filing of the return are considered simultaneous acts with respect to penalties and interest for failure to file and failure to pay. Penalties and interest must be calculated based on the later of the return postmark date or payment date.